Here is a summary of foreclosure laws and rules for the State of Florida:
- Lenders foreclose judicially. Non-judicial foreclosures by power of sale are now allowed.
- Lender files a complaint with the court with a request for an order to show cause.
- A hearing is held twenty-one days after the homeowner is personally served with the request for an order to show cause. The homeowner doesn't need to be served personally. The lender can publish a notice of the hearing. First publication must be at least thirty-one days before the hearing.
- Unlike many states, Florida only requires one notice.
- A homeowner has the right of redemption until the clerk formally files the certificate of sale.
- The lender can pursue a deficiency for up to four years. However, the homeowner must have been personally served in order to be sued. Whether there is a deficiency and the amount is at the discretion of a judge. The homeowner can request a jury trial to have the amount of the deficiency fixed.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Florida those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
Have there been any changes to FL foreclosure laws?
The reason why I ask is because all the delinquent loans in FL seem to be getting backed up in foreclosure. The banks aren't bringing them to market to be sold. They just sit there and pile up. Whereas in CA the foreclosures keep moving through the process and are sold as REOs. What gives?
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